Technology Sector Is Growing Rapidly In NYC (FB, GOOG) [REPORT]

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The technology sector is growing rapidly in New York City. Google Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) and Facebook Inc (NASDAQ:FB) are among the companies that contributed in the 33% increase of technology jobs in the city over the past four years, according to a study.

According to the report released by New York State Comptroller Thomas DiNapoli, almost 7,000 high-tech companies in New York City contributed 100,000 jobs during the third quarter last year. The jobs growth in the tech sector is four times higher compared to the rest of the city’s economy (8%) during its current economic recovery.

Technology industry created high-paying jobs

In a statement, Napoli said, “High-tech firms not only created 25,000 jobs over the last four years, they created high-paying jobs.”

He added, “New York City is attracting tech firms because of its unmatched quality of life, its large creative workforce, its investment opportunities, and its public commitment to fostering a tech training ground through education and university partnerships.” According to him, the city’s Silicon Alley now stretches from Midtown South to Lower Manhattan and into Brooklyn and Queens.

Average high-tech salary

According to the Comptroller’s report, the average high-tech salary was $118,600 in 2012, which is almost 50% higher than the average salary of all other jobs in the city at $65,400 excluding jobs in the securities industry.

Global center for Innovation

New York City Mayor Bill de Blasio said investments in the city’s technology sector help create jobs across all industries in the five boroughs. According to him, “New York City has emerged as a global center for innovation” and his administration is committed in effectively leveraging its resources to ensure that companies will start and thrive in the city.

Ryan Urban, co-founder and CEO of Bounce Exchange, an IT firm based in New York City commented, “There is literally no better place to create a tech start-up than NYC. He added, “Access to ridiculous talent, amazing neighborhoods to work, ease of transportation, and the best food in the world. Employee retention is incredible when your company is in a city where everyone enjoys coming to work.”

The New York City’s state pension fund, which is supervised by DiNapoli invested around $122.8 million in 133 technology related companies in the city from 2007 to 2013.

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About the Author

Marie Cabural
Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.

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